SBI Funds Management is set to attract investments from Abu Dhabi Investment Authority (ADIA) and GIC in its upcoming initial public offering, Reuters reported on Tuesday, citing sources.

The asset manager, a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and Europe's Amundi, is expected to raise about $1.2 billion at a valuation of around $12.3 billion, with the two shareholders selling a combined 10% stake, according to the report.

The IPO could open next week. Institutional demand has reached nearly five times the shares allocated to that category, while the company plans to reserve 50% of the offering for individual investors, Reuters noted.

SBI Funds, ADIA, GIC, State Bank of India and Amundi did not immediately respond to MT Newswires' requests for comment.

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